July 14, 2010
- in Uncategorized by schooloftrade
Swing Trading and Day Trading Opportunities On Our Favorite Futures Markets
Crude Oil Futures
– 2-step short below 76.38, but we are concerned that the .50 area will be VERY tough to trade around
o Double-tops and bottoms
o Half big round number
o We’ve already seen low volume today, so expect these 2-tops and bottoms to be very tough to get confirmation for entry.
o We look for ½ of our profit @ 76.05 just above the big round number
- Take ¼ off @ 75.85
- Take final ¼ off @ 75.55
- The most important aspect of this will the entry when we get a little further below this .50 area, so look for the easy entry on a faster chart, such as a 13range, 8range, or 4range for the best way to enter this trade.
Gold Futures
– Gold Futures are looking to continue to the short side after we successfully sold short on the gold futures yesterday, and that trade was posted on the blog!
o Looking for this short below 1205.0 because our Fibonacci tool shows support @ 4.9, so look for entry once we break that 4.9
- Take our first target at the first major swing low @ 1203.0 for ½ our profit
- We look for ¼ off @ 1200.5, just above this big round number
- Expect the 1200 area to be VERY choppy, so you may need to wait for the final target to get filled, which is down to 98.0, just above the LOD from previous trading sessions.
More Opportunities On Gold
o We also now have the opportunity for the breaker long on the Gold above 18.8
o We didn’t expect to see this big of a change in direction, but we’ll take whatever the market gives us.
Entry long above 18.8 for a breaker pattern
- Take ½ of your profit at the first target 22.4
- ¼ off @ 27.5, and final ¼ off @ 32.0
